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Example 7
Hi Sir
my question is in calculating amount due to/ from customer, “cost incurred to date is which amount?
is it one we incurred till date no matter whether we use that material or not?
or
is it the amount only cost related to work completed?my other question is amount due to or from is basically calculate either receivable or payable from customer, do we need to calculate receivable separately as well like it is done in OT example 7.
Cost – would include costs incurred whether or not inventory has been used.
The receivable – billed but unpaid would be shown separately as it’s a regular trade receivable
Sir
in solution then why only 52,000 is considered? shouldn’t it be 60,000?
I think you are right – I must say I thought that the question said ‘future costs’ of 8
Thank you for pointing this out
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